USD/CAD: back within ranges, bulls eye 200 dma

Ross J Burland FXStreet

Currently, USD/CAD is trading at 1.3081, up 0.08% on the day, having posted a daily high at 1.3121 and low at 1.3063.

USD/CAD is consolidated at these levels after a heavy fade from 1.3119 to aforementioned lows while the dollar correction continues. Meanwhile, analysts at Scotiabank explained that the measures of implied CAD volatility are at fresh 2017 lows and that risk reversals are suggestive of a relatively modest premium for protection against CAD weakness. In respect of events, WTI was also a spike and a fade while the EIA crude change came in at 9.527M 13.830M and offered a massive build sparking some action while otherwise the market has been focused on Yellen again:

Fed's Yellen: Decision on when to reduce balance sheet depends on how strong the economy is

USD/CAD levels

Neutral—momentum signals are neutral as USD/CAD consolidates around the mid-point of its range from late January, explained analysts at Scotiabank adding, "Recent support has been observed in the 1.3020-1.3050 area. A break higher should see gains toward the 200 day MA around 1.3150 and the early February high around 1.32."

1. R3 1.3198
2. R2 1.3153
3. R1 1.3112
PP 1.3067
1. S1 1.3027
2. S2 1.2982
3. S3 1.2941

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.